Renewed Hope Strategy is reviving Nigeria’s economy, Bagudu asserts
The Minister of Budget and National Planning, Senator Abubakar Atiku Bagudu, has expressed confidence in the Renewed Hope Agenda of President Bola Tinubu to turnaround Nigeria’s economy, affirming that the strategy is yielding positive results.
Senator Bagudu spoke Wednesday at the National Economic Dialogue on ‘Nigeria’s Economic Future: 25 Years of Democracy and Beyond,’ organised by the Nigerian Economic Summit Group (NESG).
The Minister emphasized that efforts of previous administrations in the last 25 years to achieve the country’s economic objectives, did not yield the expected results, including reaching the necessary income per capita.
The President, he added, has been cautious in blaming past governments for the country’s economic woes, but courageously taking the bull by the horns.
“President Bola Ahmed Tinubu has been very reluctant to reflect on the past and blame anybody, but the net effect is that despite efforts by previous administrations, especially in the last 25 years, we are not where we want to be,” he said.
Agenda 2050, Bagudu explained, aims at achieving a higher per capita by the year 2050 through an annual investment not less than $100 billion. However, the experiences of the past 25 years, he noted, has shown how challenging it can be as difficult decisions must be made to mobilise capital to support the country’s aspirations.
Senator Bagudu informed the audience that private market capital is being supported for its capacity to mobilise domestic and foreign capital.
The Minister assured the Renewed Hope Strategy is consistent with Agenda 2050 and Chapter 2 of the Nigerian Constitution, which spells out the economic objectives of the State, adding there’s light at the end of the tunnel for the country.
“I want to assure everyone we have a Renewed Hope Agenda strategy. And it’s working. We are under no illusion that it will involve tough choices.”
He added that at every turn, the administration is looking for resources to compensate for the tough choices.
Speaking on fuel subsidies, Bagudu argued, the regime has been harmful to the economy, stating, “even when oil prices once went up to $147 in our national life. The net effect on the federation’s revenue, or the availability of investment money to support, was almost nil because the higher the oil prices, the more the then-President Jonathan’s government was spending to support subsidies.
“So, we have been living a lie,” the Minister concluded.
Highlighting the achievements of the current administration, the Minister drew attention to the ministerial realignment introduced by the government and the creation of Steel, Livestock, Solid Minerals Ministries and the Ministry of Blue and Maritime Economy, pointing out the Lagos-Calabar Highway being constructed supports maritime and blue economy opportunities.
Senator Bagudu added, “The real estate sector, where we created a renewed hope infrastructure fund, among others, to target the real estate sector, is a recognition of the gross effect of the real estate sector, as well as a catalytic role which CNG investment can play in transiting us from a more expansive PMS economy to the cheaper, more competitive, gas-based economy consistent with our blessing and consistent with the experience of other countries.”
The event was attended by ministers, ambassadors and participants from the public and private sectors.
